Riyadh – Mubasher: Buruj Cooperative Insurance Company on Tuesday announced that its shareholders approved raising its capital by 20% to SAR 300 million, from SAR 250 million via bonus shares issue during an extraordinary general meeting (EGM) held in the previous day.
The capital increase will be implemented through liquidating SAR 50 million of retained profits, according to a statement to the Saudi Stock Exchange (Tadawul).
The number of shares will increase to 30 million, from 25 million, the Saudi insurer said.
Shareholders of Buruj Cooperative Insurance’s shares at the end of trading on Monday, 14 January and registered with the Securities Deposit Center Company at the end of the second trading day following the maturity date will be entitled to the distributions.
The Saudi insurance provider further noted that capital hike aims to support its financial position to contribute to boosting its growth and expansions over the next years.
The EGM also approved to amend some of its articles of association.
By 11:37 am Saudi time, Buruj Cooperative Insurance went up 5.83% to SAR 24.30.
